Measuring startup success

10 Ways to Increase Your Chances of Entrepreneurial Success

So you've got your genius business plan, enough capital, and maybe even a team of passionate people...read more

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Measuring startup success

4 Tips for Building a Million-Dollar Business

How does one startup become a successful business, and most others fall by the wayside? There's no...read more

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Questions

What is the one advice you give smaller startups when competing with larger or most established businesses?

Startups often fall in the trap of feeling inadequate to their larger competitors, especially when... read more

Asked by:
Phil Khor
Phil Khor Founder at SavvySME
Ultimately, this all comes down to your business model, and specifically your value proposition.In simple terms as a small start up competing against a larger incumbent, you need to be crystal clear about what it is you do that will differentiate you from the established players. Why will customers come to you as opposed to an established business. Are you cheaper, provide a better customer experience, or have some sort of product differentiation? Once you truly understand this, then you can work out how and where to compete. This is where your business strategy comes in, which is about "where to play and how to win"It is surprising how many companies we come across (not just SMEs, but also larger companies) who do not understand their value proposition. As such they try to be all things to all people, and ultimately become the master of none. You need to be clear about what it is you do, and who you are specifically targeting.
Brad Lyons
Brad LyonsOwner at SMS Fusion
I have first hand experience with this and I can tell you that the bigger more established companies are more scared of you than you are of them. If you are innovative and have the skills to develop great products in house they will be very scared. And they should be!One product I have been a involved in has taken on two very large companies in Australia. In fact the two companies the product has taken on, are the two leading companies in their industry in Australia. The majority of the clients are in the banking and finance industry. Not always easier to step into an industry and steel the big four banks as clients from two of the largest and well know companies in Australia. However large companies can't compete with passion, dedication and innovation. Sure they can spend more money on marketing but if there product is simply out dated the only option they have is to spend money on development. However the big companies take a lot of time to even sign off on projects so by the time they start developing to improve their product we have already release a better alternative. Big companies find it hard to keep up. So to other new startups that are up against the giants I say, give the giants a reason to fear you. Look at their weaknesses and use them as your strengths.
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Questions

What would you have done differently to make Eagle Boys even bigger than what it is today?

Everybody loves pizza and there are some obvious competitors in the market. If you were turn back... read more

Asked by:
Phil Khor
Phil Khor Founder at SavvySME
Tom PotterOwner at pottercorp
probably introduced more capital to grow harder and faster /however the main key point was to have a major point of difference which we had up until I sold the business
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Questions

What did you do to stay motivated while waiting?

What did you do to stay motivated while waiting for Ozbargain to really catch on? When you saw... read more

Asked by:
Jef Lippiatt
Jef Lippiatt Owner at Startup Chucktown
Scott Yang
Scott YangFounder at OzBargain.com.au
Hi Jef,First of all, the traffic actually does not fluctuate that much these days. You know the traffic is going for a dip on a weekend (somehow it's a norm checking out bargains during business hours :) Long weekends are bad, but made up by other events such as Valentine's Day or Boxing Day shopping.However early on (maybe the first 2 years of OzBargain) the traffic can be slow and frustrating at times. You analyse the fluctuation carefully so you can understand the pattern and whether these are the effect of internal or external changes. However at the same time you also don't want to be affected by it too much. "Looking at the big picture" they say. Don't worry about day to day changes but your month to month growth.As of motivation - I don't wait around for it to catch on. I just want to build something that rocks :) Somehow that product of mine became something that many Australians ended up using and enjoying.
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Measuring startup success

What PayPal's Rocky Beginnings Can Teach You About Startup Success

Choosing the right market segment and customer base can take trial and error. Here are three...read more

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